A group of nine banks have invested $45m into Carbonplace, a global DLT-based carbon credit transaction network.
According to Finextra, BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS now each share equal equity ownership of the venture.
UK-based Carbonplace plans to enable simple, transparent, and secure transfer of certified carbon credits.
CarbonPlace will facilitate settlement infrastructure for marketplaces and exchanges, increased delivery of high-quality carbon credit projects, a strong ecosystem for the voluntary carbon market and the development of tools to help clients manage climate risk.
The system is set to launch soon, having already seen pilot trades with a host of buyers, sellers, registries, and exchanges, including Visa and Climate Impact X.
The investment will be used to scale the startup’s platform, grow its team and expand services to additional banks and carbon market participants, including registries and marketplaces.
Carbonplace CEO Scott Eaton said, “With Carbonplace, we are transforming the way that carbon credits are bought, distributed, held and retired.
“I am excited to take this company to the next level of its evolution, and to help unlock its massive potential to drive significant economic and social value by opening the carbon markets up to the world.”
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